- Dogecoin is likely experiencing an expansion of its network with a steady increase in new DOGE wallet addresses.
- Rising network activity supports a bullish thesis for DOGE price recovery.
- Dogecoin price could rally 7%, and surpass resistance at $0.1061 in the current uptrend.
Dogecoin noted spikes in its daily active addresses on December 14, 19 and in the past week. This increase supports a bullish thesis for DOGE price recovery. The meme coin is likely to surpass its resistance and rally towards the $0.1118 level, previously seen in December 2022.
Also read: Four altcoins most likely to bounce during Christmas holidays: LTC, STORJ, ILV, DYDX
Dogecoin on-chain metrics support DOGE price recovery thesis
According to Santiment data, active addresses and volume of DOGE climbed between December 14 and 24. This supports a bullish outlook on the meme coin.
 [11.45.36, 24 Dec, 2023]-638389964644759525.png)
DOGE active addresses and volume. Source: Santiment
The weighted sentiment among market participants remained negative on Sunday, while the count of daily active addresses increased.
 [11.06.50, 24 Dec, 2023]-638389965023879750.png)
Weighted sentiment and price. Source: Santiment
IntoTheBlock data reveals 110,540 new addresses were created on December 23. DOGE added 31.35% new addresses in the past week. The increase in addresses supports the thesis of an upcoming recovery in the asset. New addresses signal increase in demand for the meme coin among market participants.
DOGE price eyes 7% rally
Dogecoin price is currently in an uptrend that started on October 18, 2023. DOGE price is above its 50 and 200-day Exponential Moving Averages at $0.0860 and $0.0754. The meme coin faces two resistances in its path to $0.1118, at the 38.2% and 50% Fib level of the decline from November 2022 top of $0.1587 to the June 2023 low of $0.0535.
DOGE/USDT 1-day chart
At the time of writing, DOGE price is $0.0930 on Binance.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.